Online radio platform prepares for IPO
Print Edition
QINGTING.FM, a Shanghai-based online radio service provider, plans to invest “several hundreds of million yuan” to develop high-quality content to draw paid users, boost revenue and prepare for an IPO, the startup said yesterday.
Online radio, one of the most rapidly growing market segments in digital entertainment, creates high-quality content to draw listeners instead of “broadcasting only” like most traditional radio stations, said Wang Yue, secretary general of the Shanghai Network Audio-visual Association.
Qingting will double investment to “several hundreds of million yuan” on high-quality content covering culture, sport and education, after the latest round of financing to raise over 1 billion yuan (US$159 million), said Xiao Yi, chief operating officer of the online firm which has 12 million daily listeners.
“We plan to solidify business and generate revenue before an IPO probably in 2019 or 2020,” Xiao said during a conference for a marketing campaign for the 2018 World Cup. The 2014 World Cup in Brazil drew 3 billion viewers worldwide.
The campaign will involve Chinese football players including Li Weifeng, Fan Zhiyi and Xie Hui to attend a special talk show, Qingting said.
There will also be off-line promotions in Shanghai, Nanjing, Zhengzhou, Jinan, Tianjin, Shijiazhuang and Dalian.
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